Medical Device Engineering Technology

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Transcript of Medical Device Engineering Technology

Research Project Analyst: Sara Ansari Medical Device Engineering Technology (MDET) Market Analysis Industry Outlook Market Share The U.S. is the largest medical device market and is the global leader of the medical device and equipment industry. More than half of the leading global medical device companies are based in the US. Potential Market According to the Biomedical Engineering Society over 30% of the “biomedical” graduates are employed in a medical manufacturing environment. Additionally, the US Department of Labor reports: the number of biomedical engineers will increase by 31% with an annual job growth of 15%. There are not similar degrees offered in Michigan.U of M, Michigan Tech., and other state universities offer Biomedical engineering degree . Next Step The Medical Device Engineering Technology (MDET) degree will focus on the design, development and manufacturing of medical devices and the Engineering Technology skills required to successfully manufacture a medical device. The U.S. medical device industry has been growing at an average annual rate of 9% for the past ten years and in 2009, annual sales were over $100 billion. Medical and biomedical engineers are positioned to see incredible job growth over the 2008-2018 decade, according to the U.S. Bureau of Labor Statistics. Growth is predicted at a rate of 72% during that period, which is much faster than the average of the industry. The growing elderly population, along with an increased demand for sophisticated medical equipment, is fueling this growth. http://www.bls.gov/ooh/architecture-and-engineering/biomedical-engineers.htm Ferris State University Medical device companies in US require continuing education for their engineers and scientists so that they can take advantage of these new technologies and apply them to product development in order to meet the industry's need. http://www.mddionline.com/sites/www.mddionline.com/files/file/Holtzman_Fig1_webLG.jpg The industry currently employs more than 400,000 employees directly and 2 million people indirectly. Between 2005 and 2007, the industry created 80,000 new jobs, a workforce growth of 20% in just two years. US based companies dominate $350-billion global medical device industry. 32 of the 46 "Big" medical technology companies with more than $1 billion in annual revenue are based in the US. US serves as approximately 40% of the world market for medical devices and instruments. US spends a larger percentage of its GDP and more per capita on healthcare than any other country. It is the largest healthcare market and should remain so during the next decade. In West Michigan there are now over 30 device manufacturers which has created a need for medical device design and manufacturing professionals. Global Opportunity: The Chinese medical device market is predicted to expand about 15% annually during the next five years. China’s medical device sales are expected to reach $43 billion by 2020 and India’s to hit $11 billion. India’s market is expected to expand about 23%. This shift in growth could draw the focus of multinational device manufacturers away from the United States and toward the emerging markets. http://www.mddionline.com/article/medtech-2012-SWOT Societal Challenge According to the Centers for Disease Control and Prevention (CDC), the proportion of the U.S. population over 65 years old is projected to increase from 12.4% in 2000 to 19.6% by 2030. Worldwide, projections are for 1.2 billion people over age 65 by 2025. The increase in prevalence of unhealthy lifestyle choices such as poor eating habits and sedentary daily routines, is the reason why more and more people, especially Americans, are going to require medicaldevices over time. Because older people and unhealthy people are more at risk for a variety of medical conditions (osteoporosis, heart disease, various cancers, gastrointestinal ailments, and others) the global medical technology market will continue to expand. http://www.hackcollege.com/school-finder/schools/michigan/biomedical-engineering/ Approximately 310 biomedical engineers are currently working in Michigan. The government expects, by 2018, for this number to increase by 70%, or to 530 biomedical engineers. http://www.hackcollege.com/school-finder/schools/michigan/biomedical-engineering/ We will be Unique Market Outlook in US and around the world Michigan Outlook International market (Students) Job opportunities for Graduates Best states and industries for Graduates 3 Ps in marketing almost done Product/ServicesPlacePrice 1 P should be started after CC development Promotion